Elon Musk Is Polling X And Asking If Tesla Should Invest $5B In Grok Parent xAI: 'This Is Just To Test The Waters'
Portfolio Pulse from Ananya Gairola
Elon Musk initiated a poll on X, formerly Twitter, asking if Tesla should invest $5 billion in his AI company, xAI. The poll is intended to gauge public opinion before seeking board and shareholder approval. Currently, over 70% of voters support the investment. Additionally, Tesla reported a 2% year-over-year increase in Q2 revenue, surpassing estimates, but its stock fell 7.8% in after-hours trading.
July 24, 2024 | 1:46 am
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Elon Musk's poll on whether Tesla should invest $5 billion in xAI has garnered significant attention, with over 70% of voters in favor. This move could indicate a strategic shift for Tesla towards AI and robotics. Despite reporting better-than-expected Q2 revenue, Tesla's stock fell 7.8% in after-hours trading.
The poll suggests a potential strategic investment by Tesla in xAI, which could diversify its business into AI and robotics. However, the stock's decline despite strong Q2 revenue indicates market uncertainty about this move.
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IMPORTANCE 90
RELEVANCE 100